What can happen to me if foreclosure occurs??

[Administrator]

was paying over 4000 a month in new jersey after my mortgage reset and my income dropped dramatically over the last 2 years. I called my bank for help but was told they wouldn't speak to me unless i was late. I called 5 times to no avail. I have 4 kids and a wife whom depend on me and all i saw was disaster coming as i was going through my savings to pay for my house. I had to take action. while still current i got a new job in florida and purchased a smaller more affordable home there. I am currently now 2 months behind on my house in new jersey and the house is for sale with a real estate broker whom does short sales. I am willing to let the house go into foreclosure if the house does not sell and face the consequences as at least now my family is safe and we are still home owners. My question is if the house is foreclosed on and there is a short fall of say 50,000 dollars am i liable for a capital gain. I read the relief act and it appears that i qualify. Florida has tremendous asset protection laws so im not concerned about a lawsuit.


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(Source: mortgagefit.com)